Wakefield tech firm set for growth following new Swedish investment
A West Yorkshire tech firm is set for growth after agreeing a deal with Stockholm headquartered investment company Röko.
Röko has acquired 75 per cent of Castleford-based Renovotec, a provider of hardware, software and mobile solutions.
Established 12 years ago by Richard Gilliard and Lance Bennett, Renovotec specialises in sourcing, developing and deploying mobile enterprise solutions for a range of industries, including warehousing, transport, logistics, healthcare, retail, manufacturing, utilities and government.
Renovotec managing director Richard Gilliard, who will continue as MD and own 25 per cent of the company, commented: “The relationship with Röko will give us greater financial firepower, enabling Renovotec to grow more rapidly through acquisition and diversification.”
Röko investment manager UK and Norway Anders Nordby will become Renovotec chairman. Renovotec co-founder Lance Bennett will remain on the board.
Giles Clegg and Sarah Webster acted for the shareholders of Renovotec Investments Limited. Giles added: “Renovotec is a long-standing client of Lupton Fawcett and we are delighted that they have secured investment from Röko which will drive this technology-based business on to further growth.”
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